Aem Holdings Ltd. · SGX:AWX
Aem — Investor Presentation (January 2017)
27 slides from Aem's investor presentation, Jan 20, 2017
Slide 1: Corporate Presentation
CORPORATE PRESENTATION 20 January 2017
Slide 2: Disclaimer
Disclaimer This is a presentation of general information relating to the current activities of AEM Holdings Ltd (“AEM”). It is given in summary form and does not purport to be complete. In addition, the presentation may contain forward-looking statements relating to financial trends for future perio
Slide 3: About AEM
About AEM AEM Holdings Ltd (AEM) focuses on delivering customized automation solutions for highly complex industrial applications. Through working with the world’s leading companies in industries such as semiconductors, solar and smart cards, AEM has developed a deep knowledge base in integratin
Slide 4: Development & Manufacturing Sites
Development & Manufacturing Sites Serangoon, Singapore (ASG) Penang, Malaysia (AMM) Suzhou, China (ASZ) 4
Slide 5: Our Global Presence
Our Global Presence AEM HQ & Development Center AEM Subsidiary Factories Direct Engineering Support 3rd Party Engineering Support Oregon Chandler Chengdu Austin Suzhou Kulim Ho Chi Minh Costa Rica Penang Philippines Singapore (Global HQ) Design, Manufacturing, Assembly, Expansion Infrastructure 5
Slide 6: Equipment Portfolio
i. i . hv Pauipment pot oe
Slide 7: Business highlights
Business highlights Leading global provider of high-end test handlers Stable, 15+ year relationship with marque customer spanning 4 platform generations Attractive and durable core business based on selling handling platforms Test handlers provide significant benefits to customer, reducing c
Slide 8: We are vertically integrated to control the performance of our complex tools
We are vertically integrated to control the performance of our complex tools System Development + Integration Life Cycle Management Spares + Design Components Systems Field Support Consumables • System • Modules, Sub- • Integration • Service Support • Spare Stocking Conceptualization Modules and – U
Slide 9: Automated Test Handlers
Automated Test Handlers Over 700 STHI tools sold System Level Test Recurring consumables sales 9
Slide 10: Hot-Spot Tester
Hot-Spot Tester An Integrated Thermal Imaging handler to test and grade PV Cells Highly customized Handler, integrating Thermal Imaging Module to test and grade PV Cells Scratch-Free handling through; Bernoulli Pickup and Vacuum Ejector Optimized Vacuum Chuck Design to support Thermal Imaging
Slide 11: Wafer Loader and Unloader
Wafer Loader and Unloader Loader and Unloader to automate wafer processing WL 300 WU 300 • WU 310 WL 310 Highly customized Handler, integrating Thermal Imaging Module to test and grade PV Cells Silicon Wafer Handling Automation High throughput up to 2500 WPH High Mechanical Yield Rotated,
Slide 12: Smartcard Backend Handler
Smartcard Backend Handler An Automated Backend Line for Smartcard Processing Modular setup, allows flexibility in : Customizing design Individual process upgrading Subsequent expansion for other assembly process Production : Loader, Cut, Unloader Options : Vision Inspection, Test, Print,
Slide 13: Precision Component Solutions
Precision Component Solutions 13
Slide 14: Broad Product Range
Broad Product Range Agilent 93000 512/1024 Probe Card Teradyne Tiger Hand Test Jigs Stiffeners Test Sockets Design, develop and manufacture precision engineering products for semiconductor, solar, life sciences and aerospace industries Products include final test sockets, device change kits, loa
Slide 15: Next Generation Products Future Revenue Drivers
Next Generation Products Future Revenue Drivers 15
Slide 16: Test Solutions
Test Solutions Integrated Test Solutions AEM Test Handlers Test Handler Solutions PPV / Wafer Device Class Test / Functional Test System Level EOL Burn-In Test Test Assembly Test Assembly Illustration from: STATS ChipPAC Presentation, on its Test Solution 16
Slide 17: AEM test handlers
AEM test handlers Why automated test handlers? Cost savings – Efficient automation reduces both the cost and the working capital required for chip production (faster test = faster throughput, less WIP) Quality improvements – Advanced testing improves chip quality, resulting in lower rejects, f
Slide 18: Consolidation: The future of back-end testing
The future of back-end testing Near Test Flow Today Future Handlers Burn In All-in-One Interface Handlers • Pre-heat CONSOLIDATION ATE (heating out of Class Test Socket soak) • Class test • Burn-in Handlers • PPV + Current (Platform Testers Process Validation) AEM handlers are cost- and time- saving
Slide 19: What We Do – Smart Automation for the World
What We Do – Smart Automation for the World Focus on Customized + Complex Track Record of Success Solution Level of Complexity Semiconductor Back-end Test Handlers Key customer World’s leading semiconductor company High - 15 years of business relationship New customers - 4 generations of test ha
Slide 20: Group's Growth Strategy
Group’s Growth Strategy Core account Growth accounts New businesses Strong commercial ramp Freed-up HDMT Leverage complex for HDMT platform engineering resources automation track record redeployed to expand into new verticals Attractive upgrades growth accounts opportunity for STHI Selecti
Slide 21: Financials
Financials 21
Slide 22: Last Sales Order Announcements
Last 3 Sales Order Announcements Announced on Announced on Announced on 6 Oct 16 8 Nov 16 4 Jan 17 Sales order – Sales order – Sales order – S$38.3M S$45.5M S$84.5M 22
Slide 23: AEM Financial Performance
AEM Financial Performance FY2014 FY2015 9M2016 S$'000 S$'000 S$'000 Revenue 30,860 47,611 50,601 Materials, consumables and inventory changes, excluding stock obsolescence (16,861) (26,318) (32,066) Staff costs (11,249) (12,191) (9,590) Depreciation and amortisation (1,890) (1,262) (669) Other expen
Slide 24: Other Statistics
Other Statistics Total number of shares outstanding (excluding treasury shares) – 42,765,129. Number of shares held in the hands of the public – 72.8%. Shares bought back – 2,347,500 as at 17 January 2017. NAV per share – 59.8 cents as at 30 Sept 2016. EPS – 8.70 cents for 9M2016 and 5.15
Slide 25: Industry Comparables
Industry Comparables Industry Market Net EBTIDA Net PE Price/ EV/ Revenue EBITDA Comparables Cap (in USD mm) (in USD mm) Income Margin Margin Multiple NTA EBITDA (in USD mm) (in USD mm) AEM 28.3 49.6 7.1 6.2 14.3% 12.4% 5.0x 1.6x 3.4x Cohu 365.9 274.9 13.5 3.3 4.9% 1.2% 116.8x 2.3x 17.6x Xcerra 427.
Slide 26: Investment Highlights
Investment Highlights Leading global provider of high-end test handlers with defensible competitive industry positioning Strategic relationship with one of the world’s largest semiconductor companies for more than 15 years in developing and manufacturing customised test handlers and consumables.
Slide 27: Thank You
Thank You 27